The 2018 North American Construction Forecast Report anticipates that in 2018, the Real Gross Domestic Product (GDP) will grow 2.1%, unemployment will improve to 4.6%, and US inflation will be 2.3%.
Construction during this year will grow almost 5%, a slight improvement over last year’s figure. Experts predict a 9% increase in single-family construction while we begin to see a gradual decline in multi-family dwellings. Education and Public Buildings will both grow 6%, leading the 4% increase that will be seen with Non-Residential.
Geographically, the South and West will experience the most significant percentage of growth. While in 2017, the South was in line with national growth, it is expected to exceed US construction growth rates in 2018. This is partially due to hurricane damage repair, but it is also linked to the projected 9% growth in single-family homes, the largest end-market in the region.
This is further evidenced in builder confidence (measured by the NAHB/Wells Fargo Housing Market Index), which for the South has been slightly above national figures for the past six months.
This is good news for the building industry and good news for your business. How will you approach this growth? Will you build a better website? Will you give in to the media reps that have been chasing you for months? Will you finally invest in Search Engine Optimization (SEO) and Search Engine Marketing (SEM)? Will you spend more time on social media? While these might be useful tactics, none of them are good without a plan, and none of them will single-handedly help you achieve the growth you desire. The baseball legend, Yogi Berra, summed it up accurately when he said, “If you don’t know where you’re going, you’ll end up somewhere else.”
A marketing plan should be your starting point. Know your strengths and weaknesses and those of your competitors. Set a budget and incorporate standards for measurement. Set benchmarks to determine progress at critical points throughout the year, and change the course of action when you see that your tactics are not producing results. Without a marketing plan, the ‘somewhere else’ that Yogi Berra refers to is the bottom of an endless money pit and a company with little or no brand value.
In 2018, look beyond traditional advertising. A study released by Text100 Global Public Relations reveals that public relations may be more critical to brand value than advertising, especially for purchasing decisions involving complex and expensive products. Public Relations validates your product (the home or office that you build), your credibility, and delivers the authenticity and distinctiveness that can elevate a brand—your brand.
Denise Blackburn-Gay, APR President & CEO of Marketing Strategies, Inc. is one of only two certified Reputation and Brand Management Specialists in the state of South Carolina. She has over thirty years’ experience in Marketing and Public Relations. She may be reached at 843-692-9662 or via email denise@marketingstrategiesinc.com